FLM Quick are destroying us.

Rubylou2

Hiya
Thanks, I thought it would be that bad, yes I am a home owner and never been in trouble with debt but live alone with mortgage and work full time and wages only covers my living expenses. The things that i have got of his would probably cover the whole loan amount and I have got a buyer. My ex friend is panicking because he wants to keep his belongings, and said he would call the police if they were sold. I am scared of all this but have to look after myself if it is going to affect my house which i have worked hard to keep. He is a loser and has lost everything. If the belongings have gone by selling them I was going to say that he left them with me as a guarantee that he would pay the loan and as he did not keep his word I had no choice but to sell them to repay it.

Rubylou2

Sorry, I am just trying to make my way forward with this situation. Would FLM not be interested to know that he has assets that could be sold to clear the debt?

Apples2

Rubylou2 wrote: »

Sorry, I am just trying to make my way forward with this situation. Would FLM not be interested to know that he has assets that could be sold to clear the debt?

No, FLM couldn't give a hoot if he is driving around in a Ferrari, they just want their payments.

I'm surprised the bank said it was illegal for them to take the money out of your account. You signed up and agreed that FLM could do this (that what being a guarantor means).
I would expect they have thrown on a lot of fees now as you are falling into arrears for your loan.
This will spiral downwards incurring lots of fees now so your debt is growing every day.

I would sell his tat, rightly or wrongly. Also send him a letter that you are charging him storage fees, an amount which would equal the loan repayments. Give him a date by which you expect storage payment or you will sell his belongings (but personally, I would start selling it now to cover payments).

There is no getting away form the fact that this is your loan, not his. The lender KNEW he wasn't going to repay it, which is why they insisted on a guarantor.

Plenty of posts on here from people in exactly the same position as you sadly.

jambojam

I had a fun experience with FLM a while ago. Former housemate abused the system and set me up as a guarantor for a loan without my knowledge. Money was paid into my account (which she owed me) and I thought nothing of it until I got a letter from FLM.

After a struggle involving the police, FLM conceded that I was not a guarantor. They also conceded that they could not ask for any of the initial capital to be refunded or repayments to be made by me.

I was at first met by a stern response that by accepting the money into my account, I was agreeing to their terms and conditions. Absolutely insane, if I've not seen your terms and conditions then how can I agree? It effectively fell under the "unsolicited goods and services act". I will give them their credit though, once the situation was fully realised by them it was resolved.

Apples2

jambojam wrote: »

I had a fun experience with FLM a while ago. Former housemate abused the system and set me up as a guarantor for a loan without my knowledge. Money was paid into my account (which she owed me) and I thought nothing of it until I got a letter from FLM..

:T:rotfl::T Ha ha, got to admire the tenacity to do that.

Seems you were a simple Identity Theft victim, top marks to FLM for conceding though.

jambojam

yeah, was a bit of a trying time. I think they are so used to people making up various excuses for not repaying loans that they are very reluctant to give in. However, when you have the police saying to them that my former housemate has been arrested for fraud and confessed to the fraud then there is very little they can do to enforce repayments.

Her fraud was insane too, I found out after the police used a warrent to enter her room that she had a collection of my old bank statements and a card that I thought was lost and so cancelled! She was a nasty piece of work!

I would say that as they have this reputation of being hard nosed when it comes to chasing up repayments, it did make me feel pretty good to have them admit and realise that their "infallible" system whereby guarantors are paid the capital could be abused!

jambojam

actually though to the poster of this. I would guess that your friend (the guarantor) completely screwed you over here. I would imagine that this person is the one that gave them the "go ahead" on Monday.

FLM would have received the approval from both of you to go ahead with one of their loans. He gets the money into his account and doesn't tell you about it. The speed in which these companies act once they have approval to get these things in motion is astonishing and so although you were informed that this could be cancelled, it was probably already in motion once you called. To cancel, you would've needed the guarantor to transfer the money back once they saw it in their account (2 weeks cool off period is normally given here).

As for what to do right now, take the website down. Liable is very serious and to defend it will cost you a bomb. You need to talk to CAB and get armed with as much info as possible. It would be very useful if you can get a full record of you payments to FLM to date. There are companies that specialise in working with people like yourself and forcing companies like FLM to write off amounts of debt when excessive payments have been made and also restructure remaining debt into something more affordable. I've forgotten the names right now but I can have a look if you're interested.

I would say though that from the sound of things, the way this has been setup it would be hard for you to prove that FLM have done anything wrong in running with this contract.

Loans_Scams

Strangely enough the last email I got from FLM stated they were no longer charging late fee's I believe this comes from the OFT. Here is a short excerpt from their email.

"Therefore we are no longer adding charges, so that if times are tough for you, we don’t make them any harder."

Yes I call being Bankrupt hard when you keep getting harassed by FLM.

In relation to the other reference that FLM only have guarantors that are home owners this is not the case as mine was not a home owner.

But I would like to see where it says in the contact that I would become the Guarantors Guarantor.

I will be posting their terms and conditions on my website tonight. this will show everyone what a scam these people are.

I like on their sister website how they say they are not bankers etc etc but only a Group of IT people who felt ripped of by the banks.

£77 million IT guy WHAT A JOKE

Rubylou2

Thank you. I have a buyer so have no choice They are his life collection of records. The loan is 3,600 and have been told that the records are worth 10,000 the buyer will give me 4,000 which will pay FLM and he owes me 120 that I lent him in cash a long time ago. This will free me from flm and get him out of my life but wiil be annoyed but o have had this worry of him not paying for 6 months and can't go on like this so I will have to be strong.

Loans_Scams

Rubylou2 My Advice the same as the others is get that stuff sold. and pay it off ASAP. You being a Home Owner they could apply to Court for a CCJ and then ask for a Charging order.

The only thing I notice is this is when the Interest will stop as the contract does not have anything in it about charging interest after Judgement.

But you don't want your credit file being ruined because of a bad debtor.
My Answer SELL SELL SELL